Forex News

The South Korean won was the worst-performing currency among the Asian ones this month as the investors moved out of the country’s assets and the exports to the developed economies fell sharply.

The Japanese yen is currently positioned as the locomotive of growth on the Forex market as the global economic slowdown takes its toll, keeping the traders and investors away from the risk-ridden high-yielding currencies.

The New Zealand currency declined against the U.S. dollar, the yen and its Australian counterpart today after the country’s central bank decided to cut the interest rate to a record low amidst the raging recession.

The U.S. dollar along with the yen declined against almost all other major currencies today as the traders expect that the bank bailout plan will be adopted soon in the United States.

The Indian rupee advanced against the U.S. dollar during the Forex trading session opening today as the stock markets showed some strength world-wide and the investors used the short-term opportunity to enter the high-risk assets.

The New Zealand dollar declined against the U.S. and Australian currencies today as the country’s services industry continued to decline for a ninth month in a row last December, according the Performance of Services Index that was released yesterday.

The appeal for the stock markets declined and the low-yielding assets became more attractive, boosting the demand for the Swiss franc against the Euro for a second day, today.

The Singapore dollar gained against the U.S. dollar for the second day today as the traders reduced their bets that the monetary authorities are going to use the currency depreciation to stimulate the economy.

The British pound fell to the record low level against the Japanese yen and declined significantly against the other major currencies today as the market participants are concerned that the U.K. recession will continue deepening and the Bank of England will have to reduce the rates further.

The Japanese yen remains the newsmaker amidst the global financial crisis as it reaches the all-time high levels against the British pound and is outperforming the high-yielding currencies.